Net Asset Value(s)

Montanaro European Smaller C.TstPLC
03 April 2007



NAV as at close of business on 2/04/07

F & C Asset Management plc Investment Trusts announces the unaudited Net Asset
Value for the following Investment Trust.

(Pence per share).  Investments valued on a bid price basis.


Montanaro European Smaller Companies Trust                        430.52

Note: NAV is diluted, where appropriate.


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